Calvert Conservative Allocation Fund: A Shares

The Fund seeks current income and capital appreciation, consistent with the preservation of capital.

The Fund is a "fund of funds" that seeks to achieve its investment objective by investing primarily in a portfolio of underlying Calvert fixed-income and equity funds that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors. The Fund may also invest in cash and short-term money market instruments. The Fund invests in underlying Calvert funds in accordance with a stable target asset allocation determined by the investment advisor. The Fund typically invests 45% to 75% of its net assets in underlying Calvert funds that invest primarily in fixed-income securities; 15% to 45% of its net assets in Calvert funds that invest primarily in equity securities; and 0% to 20% in cash and short-term money market instruments. The Fund's asset allocation strategy incorporates historical risk and return characteristics of various asset classes and correlations between asset classes to establish allocations intended to provide an optimal level of return for a given level of risk. The Advisor monitors the Fund's allocation and may rebalance or reallocate the Fund's assets based on its view of economic and market factors and events, or to adjust for shifts in the style biases of the underlying Calvert funds.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized.

Sector Weights / Percentage of Holdings (ex-cash)

December 31, 2014

Portfolio

Benchmark

+ / -

Agency CMBS

0.00%

0.00%

0.00%

Agency Fixed Rate

0.00%

0.00%

0.00%

Agency Hybrid ARM

0.00%

0.00%

0.00%

Auto Loan

0.00%

0.00%

0.00%

Banking

0.00%

17.24%

-17.24%

Basic Industry

0.00%

4.10%

-4.10%

Brokerage Assetmanagers Exchanges

0.00%

0.69%

-0.69%

Capital Goods

0.00%

3.77%

-3.77%

Closed End Fund - Investment Co.

0.00%

0.00%

0.00%

CMO

0.00%

0.00%

0.00%

Communications

0.00%

8.46%

-8.46%

Consumer Cyclical

0.00%

5.17%

-5.17%

Consumer Non-Cyclical

0.00%

10.69%

-10.69%

Credit Card

0.00%

0.00%

0.00%

Electric

0.00%

5.66%

-5.66%

Energy

0.00%

8.52%

-8.52%

ETF Debt Fund

0.00%

0.00%

0.00%

Finance Companies

0.00%

1.88%

-1.88%

Government Guarantee

0.00%

3.09%

-3.09%

Government Owned, No Guarantee

0.00%

2.75%

-2.75%

Government Sponsored

0.00%

0.00%

0.00%

Home Equity

0.00%

0.00%

0.00%

Insurance

0.00%

3.98%

-3.98%

Local Authority

0.00%

4.53%

-4.53%

Mortgage Assets

0.00%

0.00%

0.00%

Municipal

0.00%

0.00%

0.00%

Natural Gas

0.00%

0.37%

-0.37%

Non Agency CMBS

0.00%

0.00%

0.00%

Other ABS

0.00%

0.00%

0.00%

Other Agency

0.00%

0.00%

0.00%

Other Financial

0.00%

0.04%

-0.04%

Other Industrial

0.00%

0.27%

-0.27%

Other Utility

0.00%

0.09%

-0.09%

REITS

0.00%

1.97%

-1.97%

Sovereign

0.00%

5.15%

-5.15%

Stranded Cost Utility

0.00%

0.00%

0.00%

Student Loan

0.00%

0.00%

0.00%

Supranational

0.00%

5.54%

-5.54%

Technology

0.00%

4.32%

-4.32%

Transportation

0.00%

1.71%

-1.71%

Treasury

0.00%

0.00%

0.00%

Unknown

0.00%

0.00%

0.00%

September 30, 2014

Portfolio

Benchmark

+ / -

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

17.10%

-17.10%

0.00%

4.20%

-4.20%

0.00%

0.71%

-0.71%

0.00%

3.79%

-3.79%

0.00%

0.00%

0.00%

0.00%

8.49%

-8.49%

0.00%

4.89%

-4.89%

0.00%

10.68%

-10.68%

0.00%

0.00%

0.00%

0.00%

5.64%

-5.64%

0.00%

8.44%

-8.44%

0.00%

1.93%

-1.93%

0.00%

3.16%

-3.16%

0.00%

2.81%

-2.81%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

4.20%

-4.20%

0.00%

4.47%

-4.47%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.35%

-0.35%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.04%

-0.04%

0.00%

0.27%

-0.27%

0.00%

0.10%

-0.10%

0.00%

0.00%

0.00%

0.00%

1.93%

-1.93%

0.00%

5.09%

-5.09%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

5.53%

-5.53%

0.00%

4.46%

-4.46%

0.00%

1.70%

-1.70%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

December 31, 2013

Portfolio

Benchmark

+ / -

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

16.85%

-16.85%

0.00%

4.49%

-4.49%

0.00%

0.64%

-0.64%

0.00%

3.77%

-3.77%

0.00%

0.00%

0.00%

0.00%

7.83%

-7.83%

0.00%

5.74%

-5.74%

0.00%

10.82%

-10.82%

0.00%

0.00%

0.00%

0.00%

5.55%

-5.55%

0.00%

5.69%

-5.69%

0.00%

2.07%

-2.07%

0.00%

3.32%

-3.32%

0.00%

2.61%

-2.61%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

4.35%

-4.35%

0.00%

4.71%

-4.71%

0.00%

0.00%

0.00%

0.00%

3.03%

-3.03%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.19%

-0.19%

0.00%

0.26%

-0.26%

0.00%

0.09%

-0.09%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

1.81%

-1.81%

0.00%

5.23%

-5.23%

0.00%

0.00%

0.00%

0.00%

5.37%

-5.37%

0.00%

3.98%

-3.98%

0.00%

1.60%

-1.60%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Top Ten Holdings / Percentage of Net Assets

December 31, 2014

CALVERT BOND PORTFOLIO

55.61%

CALVERT LARGE CAP CORE PORTFOLIO

10.59%

CALVERT EQUITY PORTFOLIO

8.00%

CALVERT SMALL CAP FUND

6.81%

CALVERT INTERNATIONAL EQUITY FUND

4.09%

CALVERT CAPITAL ACCUMULATION FUND

4.04%

CALVERT SOCIAL INDEX FUND

3.32%

CALVERT INTERNATIONAL OPPORTUNITIES FUND

2.19%

CALVERT EMERGING MARKETS EQUITY FUND

1.82%

S+P500 EMINI FUT MAR15

0.00%

Total

96.46%

September 30, 2014

CALVERT BOND PORTFOLIO

52.73%

CALVERT LARGE CAP CORE PORTFOLIO

10.38%

CALVERT EQUITY PORTFOLIO

7.70%

CALVERT INTERNATIONAL EQUITY FUND

4.29%

CALVERT CAPITAL ACCUMULATION FUND

3.92%

CALVERT SMALL CAP FUND

3.47%

CALVERT SOCIAL INDEX FUND

3.11%

CALVERT INTERNATIONAL OPPORTUNITIES FUND

2.29%

CALVERT EMERGING MARKETS EQUITY FUND

1.89%

Total

89.79%

December 31, 2013

CALVERT BOND PORTFOLIO

48.10%

CALVERT EQUITY PORTFOLIO

9.02%

CALVERT LARGE CAP CORE PORTFOLIO

8.62%

CALVERT SOCIAL INDEX FUND

5.92%

CALVERT INTERNATIONAL EQUITY FUND

4.71%

CALVERT CAPITAL ACCUMULATION FUND

3.84%

CALVERT SMALL CAP FUND

3.25%

CALVERT INTERNATIONAL OPPORTUNITIES FUND

2.84%

CALVERT EMERGING MARKETS EQUITY FUND

2.47%

Total

88.77%

The Fund may or may not still invest in, and no action is recommended
on, companies listed. For the most recently available information on the Fund's
holdings, visit www.calvert.com.

Investment in mutual funds involves risk, including the possible loss of principal invested. The Fund is subject to asset allocation risk, which is the chance that selection of, and allocation of assets to, the underlying funds will cause the Fund to underperform. The Fund shares the principal risks of each underlying fund in which it invests and pays a proportionate share of the operating expenses of those funds as well as the direct expenses of investing in the Fund. The Fund's greater allocation to fixed-income funds makes it more susceptible to risks associated with fixed-income investments than equity investments. Asset allocation does not ensure a profit and may not protect against a loss.

Allocation percentages may not add to 100% due to rounding. Negative Cash positions may occur as the result of varying settlement schedules for securities.

Calvert Investments does not provide tax advice, and nothing on this site should be construed as tax advice. Before acting on any such information, consult your own accountant or tax advisor.

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member FINRA and subsidiary of Calvert Investments, Inc.

For more information on any Calvert fund, please contact your financial advisor, call Calvert at 800.368.2748, or download a free summary prospectus and/or prospectus. An institutional investor should call Calvert at 800.327.2109. An investor should consider the investment objectives, risks, charges and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Get Information and Resources

For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.